Investment fund acquires Liberty Bank of Salt Lake City

One Main Street LLC, an investment fund with principal offices in New York City, has announced it has reached a definitive agreement to acquire Liberty Bank Inc. of Salt Lake City.

The transaction is subject to regulatory approval. Financial terms were not disclosed.

One Main Street said it has filed with the Federal Reserve an application to become a bank holding company. It said it intends to build a regional banking franchise throughout the Intermountain West. "Acquisitions of failed and distressed banks from the FDIC factor prominently in their plan," the company said.

One Main Street was formed in late 2009 with initial capitalization targeted at $300 million. Liberty Bank is a state-chartered bank founded in 1956.